FORTESCUE HAD ITS DEBT RATING CUT BY MOODY'S

Fortescue Metals Group Ltd., the Australian iron ore producer that last week announced an accord with Brazilian counterpart Vale SA, had its debt rating cut by Moody’s Investors Service.

The credit assessor cut its score on the Perth-based miner one level to Ba2, two steps below investment-grade, Moody’s said in a statement Monday. It has a negative outlook on the rating.